Swift and easy company formation in Latvia

FormationWise can help investors, entrepreneurs and businesses set up a company in Latvia hassle-free!

offshore company

Why Latvia

The Republic of Latvia officially came into existence on 18th November 1918. Over the years, it has grown to offer a warm and hospitable business climate to all local and international investors looking to operate in it. When it comes to company formation in Latvia, the first thing to note is that it doesn’t have many restrictions. As such, investors looking to set up shop locally will usually have some leeway in terms of the setup process and the type of companies they can operate.

The process

The offshore company setup process is reasonably straightforward, more so when you have our agents working with you. We at FormationWise are adept at helping first-time investors and those unfamiliar with EU rules open and manage companies in Latvia. When you come to us, the first thing we will take you through is the different types of companies that exist in the country.

How to start

It’s a decision you should make after looking at the type of companies that are available and the minimum amount of capital required for the offshore company registration process. We recommend keeping your expansion needs in mind when making this decision. If you have any doubts our expert advisors are here to assist you. We can help you choose the type of company that suits you and work on establishing your business together.

Why FormationWise

Our skilled professionals are here for you through every step of the way. We will guide you during the entire company formation process and assist you with any query you might have. Furthermore, we can offer consultation on every aspect of your business, provide accounting service and even 

Send us an inquiry today!

Our team is here to help you every step of the way

Steps for making an order

  • 1

    Select your desired package

    Simply choose the right package for your needs by filling out our form, by call or by placing an order on our website.

  • 2

    Make a payment

    After finalizing the correct package make the payment for your selected services and send us your documents.

  • 3

    Send your documents

    Forward us all the necessary documents through an email with documents attached or by phone

  • 4

    Company formation

    Once we receive the payment and the required documents, we will start the company incorporation process in Latvia

  • 5

    Open a bank account

    We will help you open a corporate or personal account with a reputable bank in Latvia

Types of Companies That Can Be Registered in Latvia

Understanding the type of companies you can register in Latvia will help guide you in forming offshore companies. Presently, the most popular type of company around is the LLC. Other options include setting up a JSC, a Branch, or a Representative office.

Limited Liability Company (SIA)

Most investors who come to us for assistance with company formation in Latvia want to form an LLC. For this, the investors must appoint a minimum of 1 director and one shareholder. Their nationality is not an issue.

The minimum share capital for an LLC is €2,800, of which 50% must be available at registration.

Joint Stock Company (AS)

Its requirements with regard to the minimum number of directors and shareholders required are the same as that of the Latvian LLC. However, these changes when dealing with a publicly listed company, as the firm will need to appoint a minimum of 3 directors.

The minimum share capital stands at €35,000.

The Branch Office

A branch typically has its scope of operations set out by the parent company, which will also have to account for all its liabilities. Please note that this office is liable to the same audit, tax, and reporting requirements subjected to resident companies.

The Representative Office

The local laws don’t allow such entities to engage in any productive or commercial activities. Its operations will remain limited to the following:

  • Conducting market research
  • Promoting the activities and functions of the parent company

Minimum share capital for a Latvian company

Understanding company formation in Latvia also involves knowing how much capital you need to raise before you can start operating. The minimum share capital required is as shown below:

The time frame for the incorporation

When it comes to the time frame, we are talking about how long the offshore company setup process will take to complete allowing you to commence operations. From past experience, we have noticed that it takes the following time span to complete the offshore incorporation:

Do you provide a registered office address or a virtual office?


Is bookkeeping or an annual return required?


Foreign-ownership allowed?


Our Services

Reasons to Form A Company in Latvia

The company formation in Latvia process enables you to open an international business in one of the friendliest and most hospitable parts of the world. Here, you get to benefit from various tax incentives, access to developed infrastructure, and easy immigration.

Below is a look at the benefits that come with Latvian offshore company registration.

Excellent Location

Opening offshore incorporation in Latvia means you have a unique opportunity to trade with companies in the Eastern and European markets. Latvia’s convenient geographical location will allow you to penetrate both markets easily.

Tax Incentives

The central administration has introduced various tax incentives over the years that have helped make the country competitive with other EU countries. In example: A new tax that has eliminated the need to pay dividend tax, no need to pay tax on any dividends received from a foreign country and more.

Access to Developed Infrastructure

Latvia has diverse business development centers comprising 10+ business parks, five free ports, and numerous special economic zones. All these are spread out in different cities across the country.

Business-Friendly Environment

The business environment in the country is friendly for both locals and foreigners, as proven by the offshore company formation services. Investors are assured of quick and ongoing access to a talented and well-educated labor force.

Cost Savings

The company formation in Latvia process will provide many opportunities for you to save on and reduce your business administrative costs. You should have enough cash flow to streamline your local business operations when you add all this up.

Simple Management

A foreigner can establish an offshore incorporation that has 100% foreign shareholding. All the company needs to begin operating is at least one board member. Nationality is not a factor here.

Why Choose FormationWise To Set Up an Offshore Company in Latvia

We at FormationWise are at the head of the pack when it comes to company formation in Latvia and other jurisdictions.

As a company, we pride ourselves in our ability to do the right thing for our clients at the right time.

Our approach to company formation services has seen us add to our team of professionals to make it a group of 27 consultants. These consultants work together on all our cases and have so far completed 321 cases and counting.

Additionally, this team has seen us record 100% customer satisfaction and win over 125 awards globally. So, if you’re wondering whether we are right for you, now you know that we are, and the following are the reasons to come to us for assistance:

No Hidden Fees

We believe in providing upfront and fair pricing to any entrepreneur who wants to learn how to form offshore company. With our pricing mechanism, you’re assured that you won’t have to worry about any surprise costs at the end of the process.

Simple Process

We at FormationWise believe in simplifying things for our clients, as it’s the only way to help their ventures grow. For this reason, we will work with you to help you grow your business in Latvia.

Highly Experienced

Our team of consultants has amassed years of experience opening and managing businesses in various locations, including but not limited to Latvia. When you come to us, you’re assured that you’re receiving the best service possible.

Fast Service

We work as a team to eliminate the hassle that comes with setting up a business in a new registration. Often, it only takes us a few weeks to complete the company formation in Latvia, allowing you to begin operating.

Legal Requirements

Knowing the legal requirements for an offshore company setup beforehand can simplify the process, allowing it to proceed much quicker. In the case of Latvian company incorporation, the following are the legal requirements you must fulfill:

As seen from the six steps above, the Latvian offshore company registration formalities are pretty simple compared to those of other EU jurisdictions. Their straightforward nature has helped make Latvia a top EU destination for foreign investors.

Its ease of doing business is unmatched by other EU destinations.

Documents Required for Registration

Now that you know of the legal requirements needed to set up operations in Latvia, it’s time to look at the documents you must supply for offshore incorporation. Please note that FormationWise will need this document if it’s to help you register a company:

If you have any questions regarding the documents required for the offshore company formation services, please feel free to reach out to FormationWise at any time. Our consultants are more than happy to clarify any issues or concerns you’re facing with the process.

What Is the Process?

For an investor looking to form offshore company in Latvia, there are two ways to go about this process: have FormationWise do it for you remotely or have one of the board members or shareholders visit Latvia for the same. We recommend the former as it’s faster.

The steps involved here are as follows:

Cost of Company Formation in Latvia

Here is a look at some of the costs you’ll incur during the company formation in Latvia process.

Registration Costs

Investors need to pay a state fee when incorporating an offshore corporation in Latvia. The amount payable will often vary depending on whether you're looking to register a regular SIA or one with a reduced share capital.

Costs for a normal SIA

Within one business day – €450
Within three business days – €150

Costs for an SIA having a reduced share capital

Within one business day – €60
Within three business days – €20

Translation fee

The amount varies depending on your language and the number of pages that the translator's office will have to translate

Share capital

The amount varies depending on your language and the number of pages that the translator's office will have to translate

Accounting costs

from €30 per month

Virtual office costs

A virtual office will cost you round €25 per month. However, you can reach out to our team to learn more about all the costs involved. Our expert team is here for you to guide you through the entire process.

Other fees

fee for submitting the offshore company application in person - €4 notary fees - €80 –250 (the amount will vary depending on the number of signatures that an applicant wants notarized)

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The Register of Enterprises is a Latvian state institution that operates under the Ministry of Justice. While there are 14 registers in place, the Register of Enterprises has two main functions, which include the following:

  • To maintain, operate, and hand out information related to Latvian registered companies and their shareholders and board members
  • To oversee the registration of Latvian companies and their subjects, which may include but aren’t limited to representative and branch offices.

Please note that all documents issued by the Register of Enterprises and prepared and fixed in the Latvian language as per the local laws. The services provided by this institution are as follows:

  • Register all companies, political parties, associations, and branch and representative offices as set out by the Latvian laws
  • Verify the identity, legal capacity, and signatures of all individuals who append their signatures to official incorporation documents
  • Provide information related to offshore incorporation services to interested parties

Latvia is among the top destinations in the EU for offshore company setup. Some of the reasons that make it a top investment location for investors are:

  • Excellent Location: Latvia is an EU member country guaranteeing its residents and investors unmatched access to EU markets. Its geographical location also means that you’re guaranteed access to Russian and other Eastern markets.
  • Well-Developed Infrastructure: Latvia has spent the last few years investing in infrastructural projects touching on transportation and internet connectivity. Today, it has good sea, road, and air transport and one of the fastest internet connectivity speeds in the region.
  • Tax Incentives: Local and foreign investors operating businesses in the country are eligible for various incentives, which make it easier for them to run their operations. Investors can choose to invest the cash arising from this in hiring more skilled personnel or in buying machinery.
  • Business-Friendly Environment: If the offshore incorporation and company formation services are anything to go by, Latvia has a relaxed business environment and lacks the bureaucracy that’s common in other locations.

Latvia offshore company formation services don’t have stringent requirements for directors and shareholders. For a typical SIA, the investor can incorporate a company provided that one or more legal entities are present.

In the case of a reduced capital SIA, its incorporation only requires the presence of one but not more than five legal entities or individuals. Once the incorporation process is complete, the founders automatically become company shareholders.

When it comes to the board of directors, you should note that these are the people tasked with handling day-to-day business operations. The founders must appoint at least one board member who can also be a shareholder.

They will be tasked with representing and managing the SIA’s interests. Latvia doesn’t have any restrictions when it comes to appointing non-residents to the board of directors of locally incorporated companies.

No. It’s not necessary to appoint a company secretary as you can use our virtual office package to handle almost all the tasks a secretary would need to handle daily. We have designed this package with foreigners who don’t want to run a typical office in mind.

When you apply for this package, our team will assign you a prominent business address in one of the key cities in Latvia. Besides the virtual office, the other additional services we will conduct for you include collecting your mail and setting up a local phone number.

We will also set up a meeting space for your offshore business, which you can use to run your affairs when in-country. Please feel free to contact our consultants today if you want to learn more about our virtual office package.

Yes. Every offshore incorporation operating in Latvia will need to designate a local registered agent. It will also need to have a local registered office in the country. You need this address when registering incorporation and when opening a bank account.

Remember, this is also where all your official mail will get delivered, including notices related to your business. Having a local address also makes it easier for local clients to find your business and interact with it.

FormationWise can help you set up a locally registered office address in Latvia if you want. In most cases, this address is the same as the address registered by the agent. It will work well for you for as long as you’re doing business in the country.

Anyone can register offshore incorporation in Latvia. Its business-friendly environment has made it possible for investors looking to operate within the EU market to open offshore corporations and begin conducting business efficiently.

According to Latvian laws, you don’t need a resident director to incorporate in the country. All you need is one shareholder, one director, and a valid legal address in the country. Moreover, there are no nationality or residence requirements to worry about.

The best part about all this is that the shareholder and the director can be one and the same person. That’s how easy it is to register a company in Latvia, explaining why it has become one of the top investment destinations in the EU.

Yes, but not during the preliminary stages. FormationWise will handle all the preliminary steps required to incorporate an international corporation in Latvia. Included in these steps is the opening of a temporary bank account for use during the registration process.

Once this process is complete, the bank will need you to visit Latvia so that you can set up your official bank account and receive the remote access codes. However, it’s also possible to do all this without visiting Latvia if the bank has a branch in a city near you.

Our agents will guide you on the way forward during the incorporation process.

Yes. You must have a bank account in the country for you to conduct business there. During incorporation, FormationWise will open a temporary bank account for you that you can use to pay the registration costs and other costs associated with setting up a business in Latvia.

After this, you have to take steps to ensure that you open a bank account with a bank that has a branch or is headquartered in Latvia. Apart from using it to get paid, you’ll also use this account when paying taxes and receiving government tax incentives.

Incorporating your company online is as simple as visiting our official website and following the steps laid out for you below:

  • Select your preferred company formation package: The first step is to select the package that will meet your needs, in this case, the company formation in Latvia package. You can select this by calling us, filling out one of our forms, or placing an order on our portal.
  • Complete payment: Make payment for the selected package and send us your documents so we can kickstart this process.
  • Send your documents: forward us all the documents we need to start the company formation process.
  • Company formation: allow us to get started after receiving the documentation requested earlier.
  • Open a bank account: We will set up a temporary personal or corporate account with a reputable Latvian bank.

Latvian investors enjoy a low corporate income tax, explaining why more and more investors are choosing to set up roots here. As of 2018, the standard rate stood at 20% and had certain expenses that were subjected to an effective tax of 25%.

Other taxes levied on companies incorporated in Latvia included the natural resources tax, the value-added tax, and the real estate tax. Please note that the company isn’t expected to pay corporate income tax if it doesn’t distribute dividends to its shareholders.

Apart from the corporate income tax, you may want to know about payroll taxes which are:

  • Minimum wage: €500
  • Social security tax: 34.09%
  • Personal income tax: 20%, 23%, and 31%

Watch out for the government-provided tax incentives that can help lower your tax threshold.

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